One thing that surprises many new property managers is the amount of day-to-day work that’s involved in being successful. Many have this idea that they’ll simply be able to sit back, relax and collect all kinds of passive income. While it’s highly unlikely that you’ll be able to achieve this degree of autonomy, the good news is, there are some things you can do to shorten your to-do list and make your professional life infinitely easier.
Prescreening prospective tenants is a critical task of property managers and landlords. Done correctly, it’ll help you weed out individuals who are not good candidates and improve your odds of signing someone who is reliable and long-term. One mistake many property owners make, however, is not starting the screening process early enough. By screening over the phone, before showing your vacancies, you can save yourself a ton of time. That said, here’s what we recommend.
Because homeowners associations function similar to corporations, they are required to hold regular meetings with relevant stakeholders. These board meetings are critical to ensuring that the HOA is managed properly and remains in compliance. To get the most out of HOA board meetings and optimize everyone’s time, here are a few tips to make the process as effective and efficient as possible.
Whether you’re a landlord, property manager or community manager, chances are, you’re in constant contact with your network, whether it’s scheduling walk-throughs, answering questions, responding to complaints or scheduling maintenance appointments. Every interaction you have is an opportunity to increase trust, foster loyalty and build your reputation. That’s why honing your communication skills is so critical. Here are a few tips to keep in mind.
Being successful in the property management industry is no easy feat. It takes commitment, dedication, time and yes, sometimes blood, sweat and tears. Property management software is designed to make juggling the day-to-day tasks of a property manager or landlord infinitely easier and more efficient.
Inspections are a key function of property management. Not only do they provide the opportunity to regularly assess property condition and identify the need for maintenance, but they also protect you against serious and costly problems down the road. As with any business process, however, there is a right way and wrong way to carry out inspections. To optimize this process and keep your residents happy, we recommend using the following guideline.
Automation is sometimes a scary word, often associated with robots and dystopian future. There’s a common fear that automation and robots will take over jobs and displace people which is actually not what technology is on track to do. Less than 10% of jobs can actually be fully automated, however automation can be a great help to office workers when leveraged by companies to help improve their staff performance and overall reputation.
As your property management grows in terms of portfolio size, staff, or revenue, it is increasingly important to have the right protocols in place, especially within the accounting department to ensure that every transaction, task, and process is done consistently and securely. Organizations with data monitoring controls in place had 54% less loss than other organizations and more than 50% faster detection time. Internal controls and compliance protocols regulate workplace transactions and avoid internal errors by minimizing the risk of fraud by maintaining data integrity as well as user accountability.
The property management industry is unsurprisingly a competitive across North America. More and more companies are popping up and crossing industry verticals, serving mixed portfolios therefore giving existing businesses a run for their market share. According to Statista, the property management industry dipped from reached $75.82 billion USD in 2019. With a low barrier to entry and high opportunity it’s no surprise the amount of new businesses entering the industry. Currently there are hundreds of thousands of active property management companies across North America.
Having vacancies for too long can be bad for business, they can reduce cashflow, customer satisfaction, and employee morale. No matter how well you advertise or how well you maintain your customer relationships there will be turnover and vacancies. While it’s less than ideal, it’s not an impossible situation, here are 5 strategies to reduce the time units spend vacant.